I think elemental's now the only caster spec with proper "cleave" damage. This is actually quite a cool aspect, especially with how that interacts with Fulmination.
EQ is weak in the situations where CL is great: 2-5 mobs. EQ, like other "true AOEs" is balanced around being used against a half dozen or more targets. Under that amount, most specs are better off single-targeting (I'm not sure where the line really is). But Elem is able to do a little partial-AOE, and will perform well in those scenarios.
Yes its still in your rotation, when you can afford it. it hits harder then lightning, and for about the same cast time. Also when it can cleave, fulm gets stacked up really fast.